I have received 75000 as retainer ship fees from ABC company what was the
journal entry I have to pass in my books
- 3 Answers
- 7811 Views
- I also Faced
- E-Mail Answers
Answer Posted / yogendra.c
In Your Books (Receiver)
------------------------
1.Provision Entry:
ABC Company A/d Dr. - 75,000
To, Retainership Fees A/c - 75,000
2.Receipt Entry:
Bank A/c Dr. - 67,500
TDS A/c Dr. - 7,500
To, ABC Company Account. - 75,000
3. Books Closing Entry:
Retainership Account Dr. 75,000
To, Profit & Loss A/c 75,000
In the Books of ABC Company Limited
-----------------------------------
1.Provision Entry:
Retainership Fees A/C Dr. - 75,000
To, TDS Payable A/c - 7,500
To, Retainership Fees Payable A/c - 67,500
2. Payment Entry:
Retainersihp Payable A/c Dr. 67,500
TDS Payable A/c Dr. 7,500
To, Bank Account - 75,000
3. Closing Books Entry:
Profit & Loss Account Dr. 75,000
to Retainership Account. 75,000
| Is This Answer Correct ? | 2 Yes | 0 No |
Post New Answer View All Answers
what is mean by sample account and data transfer rule in SAP FI?
Do you know balancing in accounting?
Unrealised profit will be debited to ?
What are the advantages of double entry system?
what is a corporate chart of accounts and its purpose?
What is the purpose of financial statements?
Tell me what is tally accounting?
What qualification do you need to become an accounting professional?
Calculate the missing figures for company A. A Sales (TSR) (a) Total Variable Costs (TVC) (b) Total Fixed Costs (TFC) $24,000.00 Profit $0.00 Units Sold 1,000.00 Contribution Margin Per Unit (CMU) (c) Contribution Margin Ratio (CMR) (d) Break-Even Point (BEP) (Units) (e) Break-Even Point (BEP) (Dollars) $60,000.00
paid vendor to RS 15000 and incentives of RS.5000 and deducted Rs.3000 as penalty so finally paid to vendor is Rs.17000. please let me know the journal entry for this.
what is revenue recognition rule, and can you specify the answer.
Do you know offset accounting?
IS METHODEX IS GOOD INSTITUTE FOR SAP FICO MODULE TRAINING. IS IT IN BANGALORE OY HYDERABAD.
Tell me what would you say are the most important qualities of an account manager?
Is it mandatory for the employees staff of a School, if so give details
